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Qualified Disclaimer

qualified disclaimer n

: an irrevocable and absolute refusal to accept a particular interest in the estate of a decedent (as a spouse) that is made in accordance with federal tax requirements and results in favorable tax consequences (as exemption from a gift tax) NOTE: Property disclaimed under a qualified disclaimer is not treated as a gift and is not included in the gross estate of the decedent. Thus property disclaimed by a surviving spouse could pass to his or her children without incurring a gift tax. A disclaiming party cannot, however, direct the disposition of the disclaimed interest and must not have accepted the interest or its benefits (as dividends).